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Naira Records Massive Gains As AbokiFX Suspended Exchange Rates Publication, See Today’s Exchange Rate

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3 years ago

Sep 20, 2021.

Naira Records Massive Gains As AbokiFX Suspended Exchange Rates Publication Eko Hot Blog reports that Nigeria’s local currency, Naira gained N20 on Monday morning, September 20, 2021, dropping to N550 per dollar from N570 it closed last Friday.

This online news platform understands that the massive gain of the Naira in the black market on Monday is coming a few days after the Central Bank of Nigeria (CBN) accused abokiFX of being responsible for the sliding of the naira against the dollar at the parallel market (black market).

Eko Hot Blog reports that AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. On Friday, a report by Eko Hot Blog, Naira was quoted at 570 to the dollar at the parallel market (black market) on the platform, though the CBN had described it as an illegitimate market.

“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” Emefiele said. “I am sorry to say that I do not, and I do not intend to recognise any fx in the market

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. “ If you want to sell the dollar, go to your bank and sell it.” Emefiele said the apex bank had been investigating the abokiFX website and its owners in the last two years.

“We have been studying the activities of abokiFX in the last two years,” he added. “There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates. “He is a Nigerian, living in England, we will track him, Mr Oniwinde, we will track you. “We cannot allow you to continue to kill our economy.”

Reacting to the allegation, AbokiFX temporarily suspended rates on all its platforms, amid a Nigerian Central Bank investigation (CBN).

AbokiFX announced the suspension on social media on Friday evening, adding that it “sincerely hopes the suspension will lead to the Naira appreciation from next week.” “ABOKIFX HAS DECIDED TO TEMPORARILY SUSPEND RATE UPDATES ON ALL OUR PLATFORMS UNTIL WE GET BETTER CLARITY OF THE SITUATION TODAY, THE 17TH OF SEPTEMBER 2021. ” THE FINAL RATES WERE POSTED THIS EVENING, BUT THE ABOKIFX NEWS AND CRYPTO RATES SECTIONS WILL STILL BE ACTIVE,” THEY SAID.

Dollar, The Nigerian Naira remained under pressure across key foreign exchange markets as forex scarcity persisted despite efforts to prop up the Naira value.

However, only 72 hours after the CBN governor and AbokiFX clashed, the Naira gained N20 against the dollar today, selling at N550 per dollar, down from N570 per dollar last Friday. Some Bureau De Change (BDC) operators who spoke with Eko Hot Blog on Monday morning, when the Naira opened at N550 to the US dollar, said there were several reasons for the dollar’s drop and the Naira’s rise. “For the time being, we are selling at N550,” a BDC operator told our correspondent, adding, “By the end of the day, it could be higher or lower than this.”

“There is uncertainty in the air now because of this AbokiFX and CBN issue, so many people are selling with fear that it might go back to the CBN official rate in the black market,” said another BDC operator, who also confirmed the dollar to naira exchange rate opened at N550 per dollar today.

ANOTHER BDC OPERATOR TOLD NEWSONE NIGERIA ON MONDAY MORNING, “WHEN WE TELL CUSTOMERS THE AMOUNT WE INTEND TO BUY, THEY ALWAYS CHECK ABOKIFX, BUT NOW THEY CAN’T CONFIRM AGAIN, THIS HAS AFFECTED THE DOLLAR RATE THIS MORNING.”

EkoHotBlog

Naira Records Massive Gains As AbokiFX Suspended Exchange Rates Publication, See Today’s Exchange Rate

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